Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
Prime Minister Narendra Modi is participating in the Empowered Women Development India program to
BJP has suffered a major setback before the UP assembly elections. Swami Prasad Maurya, a ministe
Israel-Hamas war: Jewish leader thanked PM Modi for supporting Israel, said this big thing for India
Indian-American Jewish leader Nissim Rubin has said that the Jewish community is grateful to Prim
Kamal Singh Jamwal had been hatching a murder plot for the past two decades. On Wednesday night,
The US Embassy in India on Tuesday warned international students studying in the US that their st
UGC Net Admit Card 2022: UGC NET JRF admit card issued, download it from the NTA website like this
UGC NET Admit Card 2022: National Testing Agency (NTA) is going to conduct the UGC-NET December 2
Extremely sad news is currently emerging from the Japanese film industry. Renowned filmmaker Tsut
The risk of corona infection is increasing once again in China. Alam is that the world's largest
Terrorist incidents in India have come down since Pakistan's inclusion in the Financial Action Ta
The energy crisis has deepened in economically beleaguered Pakistan. Every section of the common
